Trade Setup for Wednesday 19 July: Stock Market Today
Trade setup for Wednesday 19 July 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock market indexes are mostly trading higher on Wednesday tracking gains from Wall Street overnight. Japan’s Nikkei is trading higher by 0.86 percent. Japan’s business sentiment among manufacturers fell for the first time in six months in July. Kospi and Shanghai are trading marginally higher by 0.13 percent and 0.05 percent respectively. Hang Seng extended its previous session losses, trading lower by 1.31 percent at 7.15 am IST.
Gift Nifty is trading slightly higher by 4 points or 0.02 percent at 19807 levels. The indication getting from the Asian markets is slightly positive. Indian stock market will open in the green but is expected to remain volatile today.
U.S. Stock Market Indexes update
The US stock market indexes closed higher on Tuesday as investors cheered the upbeat quarterly earnings from big corporates including banks and a rally in Microsoft on AI optimism. On the economic front, the June retail sales reported weaker than expected data, while Industrial production dipped by 0.5 percent in June in comparison to May, while the estimation was 0.1 percent.
The big lenders in the US continued to impress the markets, Bank of America, Morgan Stanley, and Charles Schwab Corp rallied on Tuesday after better-than-expected quarterly results.
Meanwhile, Microsoft lead the gains in tech stocks and lifted the Nasdaq index, after it said would charge businesses $30 per user to access the AI tool. Netflix and Tesla also rallied ahead of the quarterly earnings which are due on Wednesday.
The key US stock market indexes Dow Jones and S&P 500 gained 1.06 percent and 0.71 percent respectively while Nasdaq was up by 0.76 percent on Tuesday.
European Stock Market Indexes Updates
European stock market indexes traded cautiously in most parts of the sessions on Tuesday and later closed higher due to upbeat earnings and weaker-than-expected retail data from US markets. Traders were encouraged after the grocery price inflation in the UK declined significantly in the first four weeks ending 9 July.
The upside remained capped, as investors were cautious ahead to the UK inflation data, which is due on Wednesday ahead of Aug 1, BoE monetary policy. The chemical and retail stocks registered gains, while telecom stocks led the losses on Tuesday.
The pan-European Stoxx 600 index closed higher by 0.6 percent. The key European stock market indexes CAC and DAX gained 0.38 percent and 0.35 percent respectively while UK’s FTSE was up by 0.63 percent on Tuesday.
Indian Stock Market Indexes
Indian stock market indexes closed higher for the fourth consecutive day on Tuesday. The equity benchmarks traded volatile as profit booking was witnessed in the banking and financial counter after key indices hit a record high in the late morning session.
The market breadth was almost flat with the advance decline indicating a neutral ratio at the close. FIIs were the net buyers in the Indian equity cash segments, they bought shares worth Rs 2115.84 crore while DIIs were the net seller and they offloaded shares worth Rs 1317.56 crore on Tuesday.
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Editor’s Desk
